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The asymmetric effects of uncertainty on inflation and output growth

✍ Scribed by Kevin B. Grier; Ólan T. Henry; Nilss Olekalns; Kalvinder Shields

Publisher
John Wiley and Sons
Year
2004
Tongue
English
Weight
177 KB
Volume
19
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

We study the effects of growth volatility and inflation volatility on average rates of output growth and inflation for post‐war US data. Our results suggest that increased growth uncertainty is associated with significantly lower average growth, while higher inflation uncertainty is significantly negatively correlated with lower output growth and lower average inflation. Both inflation and growth display evidence of significant asymmetric response to positive and negative shocks of equal magnitude. Copyright © 2004 John Wiley & Sons, Ltd.

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